US markets are closed on September 2nd for Labor Day, so investors are waiting for economic developments throughout the rest of the week. Ahead of the Federal Reserve's September 18th meeting, macroeconomic data is crucial as market expectations have not been met.
Macroeconomic Data and the Crypto Market
This process diverged from expectations of a 0.5% rate cut amid turmoil originating from Japan a month ago. Meanwhile, this week will focus on US unemployment figures, which are central to what should be a generally calm start to the month. Trade source The Kobeissi Letter announced to its X followers that they expect high volatility and great trading conditions by focusing on August job data. Kobeissi revealed the extent of the stock market’s rebound since the lows at the beginning of August, with the S&P 500 adding an average of $250 billion every trading day since then. Recently, stocks and gold have significantly outperformed crypto markets, and despite Bitcoin recovering by 40% at one point, it continues to decline.
Bitcoin and the Halving Process
The BTC/USD pair ultimately fell by 8.6% in August, setting a gloomy tone for September. According to CoinGlass data, September tends to result in losses, with an average decline of around 4.5%. In contrast, August tends to be a green month, but this year showed historically weak performance. Popular analyst Rekt Capital suggested in some of his recent market comments that the BTC/USD pair still follows its post-halving exit pattern consistent with previous halving years. In an X post on August 31st, he shared the following insights:
Rekt Capital noted that even Bitcoin’s best September only yielded a 6% gain. However, October could change the game with average monthly returns of around 23%.
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